Foremost Group has celebrated its anniversary 60 years after chairman James Chao founded what would become the largest private bulker owner in the US.
Chao and his family were joined by charterers, bankers, classification society executives, government officials and more at New York’s Harvard Club — a list that the company described as a testament to the founder’s commitment to long-term relationships.
The shipowner started as Foremost Maritime in New York in 1964, after Chinese-born Chao moved to the US from Taiwan.
This has been a sombre year for the company and the family, after chief executive Angela Chao died in a vehicle accident in February. Following the tragedy, James came out of retirement to return as chairman.
“When I founded the Foremost Group, my goal was to contribute to society by becoming the foremost company providing outstanding service to world-class charterers by helping them move their cargoes around the world safely and efficiently, and we live out that mission to this day,” Chao said, according to a statement to mark the occasion.
“The company was built around the Foremost can-do spirit and the values it practises every day: honesty, integrity and performance.”
Speakers included Rear Admiral Michael Alfultis, former president of State University of New York Maritime College, who lauded the company’s commitment to higher education.
“Thank you again for your passionate support for maritime education, and more importantly thank you for serving as an example of a principled leader to everyone that you encounter,” Alfultis said, according to a company statement.
Clarksons says Foremost owns 30 bulkers and has four on order.
